UPDATE: Wunderlich Securities Reiterates On DISH Network On Expansive Upside

In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Hold rating on

, and raised the price target from $56.00 to $60.00. In the report, Wunderlich Securities noted, “Expansive upside on DISH Network (DISH) could admittedly arise off its rich spectrum valuation that creates a nice currency for acquiring T-Mobile US (TMUS-NR) at an appealing price. (This is even as France's Iliad may be approaching partners to finance a higher TMUS bid than its recent informal $33 per share.) We again look at the organic upside on TMUS as well as operating and valuation benefits from merger growth acceleration and cost savings. However, we still marvel at $30-50bn valuations for DISH's virgin spectrum relative to Sprint's (S-NR) $52bn enterprise value, with Sprint's horrid past execution improving with network enhancements off LTE TDD and its #1 spectrum position. We are also increasing our ‘as is' DISH price target to $60 from $56, entirely off now emphasizing 2015.” DISH Network closed on Thursday at $65.35.